Stay On the Pulse of Recruitment & Hiring Trends in 2023
It's time to refresh those hiring strategies and move on to... well, more progressive recruiting pastures!
2023 is here and we’re ready to say HELLO to new hiring and recruitment trends for the year. If you’re looking to stay ahead of the curve in the recruitment and hiring market, the following trends should absolutely be on your radar.
Gen-Z Continues to Enter the Workforce
The time has come for more of Gen-Z to enter the workforce, and what an exciting time it is! With more than a third of the workforce being made up by this generation by the end of the decade (U.S. Bureau of Labor Statistics), they are set to bring a diverse set of views and ideas to their respective organizations while pushing forward with tech-focused strategies that will set businesses apart from the crowd.
How will this affect recruitment? The key here is to remember that this group has always been “connected”. They truly do not know life before the internet, which means they will bring expectations of virtual and automated work processes. They also value companies who care and act on DEI – in a recent study by Monster, 83% of Gen Z individuals stated an employer's commitment to diversity and inclusion is significant when choosing where to work. Another poll found 75% of people in Gen Z said they'd reconsider applying at a company if they weren't satisfied with their diversity and inclusion efforts.
If you haven’t started to implement these – it’s time to hop on the train!
VR is the Future of Recruitment
Virtual Reality has been on the radar in many areas of life over the past few years, and it has finally worked its way into the recruitment and hiring space! But how is it enriching the recruitment process at this time?
As we know, much of the recruitment process has become virtual since the onset of 2020, removing the aspect of meeting candidates in person, seeing how teams operate, as well as seeing the actual office space itself if a role is to be in-person. VR can bring these aspects of the process back to life – whether it be having candidates participate in work assignments or give candidates a virtual tour of the office.
Will you be checking out how VR can fit into your recruitment process?
The Market will Experience “The Great Breakup”
Something else we expect to see more and more of over the course of this year is the work of “The Great Breakup” – a continuation of The Great Resignation but heavily focused on women leaving the workforce or moving to another role, especially when it comes to women in leadership. With 43% of women leaders being burnt out, compared to only 31% of men at their level - it’s no wonder.
A recent report from Lean In suggests that women leaders are leaving their jobs for three key reasons:
Women leaders want to advance, but they face stronger headwinds than men
Women leaders are typically overworked and under recognized
Women leaders are looking for better and more progressive work cultures
One thing that is important to note here is that this is not a problem with women – the problem lies with the workplace itself.
Project-Based Freelancing On the Rise
In 2023, we expect to see the continued expansion and growth of project-based freelancers on the market. These individuals are looking for non-permanent roles and will typically work on a contracted timeline. As the traditional 9-5, bum-in-seat mentality continues to shift, so do the needs and wants of the individual.
The pandemic is a large part of this market shift that we’re seeing, with layoffs being rampant over the past few years, workers now unexpectedly on the market took matters into their own hands by opening themselves up to freelance work. It’s a good thing too, as companies have opened themselves up to this kind of work as well, with 90% plus of corporate leaders in a recent global survey stating they utilize freelancers, and almost 80% of employers stating they are increasing their use of freelancers as they suspend full-time hires during this recessionary period (Forbes).
Keep an eye on the market – your next project might entail hiring a freelancer or two!
Compensating Candidates for Their Time
A new trend on the rise – and one we have seen at play within our own roster of clients – is the shift towards compensating candidates for their time. You heard that right, PAYING candidates for their time spent in the interview process, including any assignments they may need to complete.
This is something we’re noticing more and more, especially as hiring processes begin to lengthen. This is a great way to keep candidates engaged, and is also a nice surprise for candidates, helping them to buy into your company even further. Candidates deserve to be treated well and compensated, especially when you take a moment to remember that some of these individuals may be currently out of a job or are taking time away from their current position to interview with you.
When reviewing your 2023 hiring goals and recruitment processes, you may want to try implementing a few of the trends above to stay ahead of the curve and ensure that your business and processes are not stuck living in the past.
Which ones will you try out? Let us know on Instagram @eleveneleventalent!